DEALS & PROJECTS

THE SHIDLER GROUP has paid $90 million to the California State Teachers' Retirement System for a two-building, 550,000 sq. ft. office portfolio in Honolulu. The Davies Pacific Center is a 346,619 sq. ft. building in the Honolulu CBD. Tenants include New York Life Insurance Co., and Boise Cascade Office Products Corp. The Pan Am Building is a 203,910 sq. ft. building east of the CBD. Tenants include American Savings Bank and Atlantis Submarines.

CONSTRUCTION HAS BEGUN on a 750,000 sq. ft. regional distribution center for Kellogg USA Inc. in Tracy, Calif. The project, located in the 150-acre Tracy Logistics Center, is scheduled for completion by Oltmans Construction Co. in April 2004. Oltmans also is constructing a 90,000 sq. ft. manufacturing building for Prima Products in the same complex. The buildings are valued at more than $20 million.

FIRECREEK CROSSING, A 750,000 sq. ft. power center in Reno, Nev., has traded for $60 million. American Assets Real Estate Group bought the center — its first acquisition in the Reno market — from Wattson Breevast LLC. Tenants include Wal-Mart, Safeway and Office Depot.